87 sats \ 7 replies \ @BitcoinIsTheFuture 25 Feb \ on: US ETFs have 3.75% of BTC supply. charts
Holders of ETF’s own 0.00000000 Bitcoin. Paper promises!
By that logic you can also say that no one owns any bitcoin, since a private key is just a number and it is not possible to "own" a number.
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Lol some of them will find out the hard way and its going to be epic
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I agree. How can @02bcd3eeb0 try to compare a paper Bitcoin promise to Bitcoin in cold storage? We are not the same and every cycle people learn. I was an idiot and lost a lot of Bitcoin by staking paper Bitcoin. You’ve been warned. Not your keys not your cheese…
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Lol equally an idiot back in 17, having paper promises on an exchange that got rugged, had to learn the hard way and I see it as the cost of learning, although i'd much prefer to have that bitcoin back :)
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Ha yeah the cost of a Bitcoin education in sound money! Tuition costs suck :-)
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My point is that legal "ownership" of bitcoin is irrelevant in both cases. Courts can't reverse a bitcoin transaction even if the coins are "stolen". Having exclusive control of the keys is all that matters.
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Sure in some cases that will apply, blockchain is final, but if the size of the loss is large enough, the social layer/legal layer will act, if someone gets rugged most likely its bye bye bitties, but if its a whole bunch of investors, there's enough of an incentive to try and find who took the money
Not saying its perfect, but you will always have heat on your ass, look at the Bitfinex hackers, they took a few slip-ups and they were captured. So there's still a chance an ETF can recoup some funds
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